The atmosphere is electric at Tap HQ today, and we’re thrilled to announce that we’ve closed our record $14 million in funding, led by Noro-Moseley Partners with participation from existing investors Grotech Ventures and Access Venture Partners and new investor Knollwood Investment Advisory. Contributions were also made from MergeLane, a startup accelerator for women-led companies, and super angel Robin Ferracone, founder and CEO of Farient Advisors and a respected strategic SaaS investor.
In tandem with this exciting announcement, the Tap team was given an incredible opportunity. We were joined in our office by Grotech, Access Venture Partners, and Noro-Moseley, and our entire team gathered in our largest conference room to participate in a conversation that most companies reserve for upper management: the chance to ask our investors why they chose us.
“We look to add companies to our portfolio that will disrupt, advance, and reshape marketing technology, and TapInfluence fits that mold perfectly,” said Mike Elliott of Noro-Moseley. “Influencer marketing is experiencing explosive growth as more brands realize it’s the most impactful and effective way to authentically reach consumers. By automating the influencer marketing process, TapInfluence has cut the risk, time, and cost for brand marketers, while enabling them to achieve a degree of scale and tangible ROI that was previously non-existent.” Kirk Holland of Access Venture Partners added, “We look for disruption and money flow”.
The investors welcomed a volley of questions and gave us insights that most employees may not ever have the privilege to hear.
Lawson Devries of Grotech told us “It’s inspiring to be an investor in this company, let alone someone who sits in this room every day”. John Ale of Noro-Moseley said simply, “Companies like this are what help you get up in the morning”.
It’s certainly been a pivotal year for TapInfluence. We welcomed Promise Phelon as our CEO and successfully pivoted our business model from fully-managed services to SaaS. We’ve more than tripled our revenues and grown our influencer marketplace by nearly 450 percent. To support this growth, we also established offices in Silicon Valley, headed by our new CTO, Eli Gild.
“We’ve proven to ourselves, the industry, and the investment community that—given rapidly-changing consumer behaviors—the only reliable way to connect with them is through the individuals they trust. That success is validated by this funding round, which enables us to accelerate platform development, grow our marketplace, and build out sales and support teams—all requirements to maintain our rapid growth. We plan to double headcount by year end and continue opening additional offices.”
– Promise Phelon, TapInfluence CEO
Today’s announcement brings our total funding to $22.2 million, adding to our most recently-raised $5 million in September 2013 from Grotech Ventures and Access Venture Partners. We’re fixated maintaining this trajectory, and using these resources to serve surging demand and help brands, influencers, and consumers Get Heard.